Closing bell: Sensex, Nifty slide on US-China trade stand-off
The BSE Sensex lost 64 points and closed to 35,592 mark while the 50-share Nifty lost around 9 points and close at 10,652 levels.
After bleeing profusely in early and mid-session trade, the BSE indices pared the intraday losses few hours ahead of the Tuesday close. The BSE Sensex lost 64 points and closed to 35,592 mark while the 50-share Nifty lost around 9 points and close at 10,652 levels. Energy, oil and gas, realty and auto sector shares were the major losers while telecom, tech and infra shares were among the top gaining stocks.
Speaking upon the current market trends and poiters that an investor must keep in mind while investing Mehul Kothari, Senior Technical Analyst - Equity at IndiaNivesh told Zee Business in a written statement, "Until past few weeks, we have been expecting the index Nifty to retest the 11000 mark. However, post yesterday’s breakdown the things look a bit gloomy. On the downside, the doors are now open for previous supports like 10530 – 10330 at least. In short, tables have turned and we have entered a ‘Sell on Rise’ market which will be negated above 11000 mark. We expect the volatility to pick up on the back of F&O expiry and interim budget and hence traders are advised to avoid over leveraged positions."
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Shares of Reliance Industries went off by around 1.5 per ent, Jindal Drilling and Industries shares crashed by around 4.8 per cent, energy majors JPCL and IOCL went down by around 1.5 per cent and 0.5 per cent respectively. Aban Offshore and Aegis Logistics stocks too went southward by 1.55 per cent and 1.7 per cent respectively.
However, stocks of Adani Group pares their losses after bleeding profusely on Monday. Adani Ports and Special Economic Zones sahre went northward by around 8 per cent while Adani Transmission stocks went up by around 2 per cent. In realty sector stocks India Bulls Real Estate went off by around 3.3 per cent, Phoenix Mills plunged by 2.8 per cent while Shobha Limited stocks went southward by around 2.7 per cent.
Among Asian indices Soth Korea's Kospi rose by 0.28 per cent, Hang Seng index went off by around 0.16 per cent, Shanghai index too went southward by near 0.1 pe cent while Japan's Nikkei edged up by around 0.08 per cent.
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